A Case Study of TSMC Acquiring ASMC and WSMCfrom Value Creation and Risk Perspectives

• Main Authors: Wei-Chung Huang, 黃偉權
• Other Authors: Po-Young Chu
• Format: Others
• Language: zh-TW
• Published: 2001
• Online Access: http://ndltd.ncl.edu.tw/handle/47881955568790992235

碩士 === 國立交通大學 === 管理科學學程碩士班 === 89 === ABSTRACT Merger and acquisition (M&A) are prevalent recently. Major value creation from merger and acquisition is synergy. However most past research have started form the operational perspectives to explore, before/ after merger processes, financial performance, stockholder wealth and legal issues. Merger and acquisition undoubtedly will become more popular. The research attempts to explore the value creation from timing and competence by analyzing the case of TSMC acquiring ASMC and WSMC. The conclusion of this research shows that TSMC has increased the total capacity to fulfill demand and satisfactory customer’s commitment. The acquisition results in obtaining knowledged asset and valued employees. At the same time some of risk from the merger and acquisition, arises such as conflict of different culture, difficulty of keeping employees and lengthy integration process. The research findings suggest a corporate to take the value creation as well as risk consideration simultaneously into account before pursuing M&A activities.